Triton Minerals (ASX:TON) shares are poised to open higher after the company extended the mineralised footprint of its Nicanda Hill prospect in Mozambique to over 6.2 kilometres of strike.
This expansion comes as the company advances rapidly towards a Inferred Resource for the prospect.
The company is also undertaking the preliminary work – including additional metallurgical and mineralogical studies - for transitioning into the feasibility and development stages.
Further assays and metallurgical test results are due in the coming weeks.
Interpretation of geophysics and mapping had expanded the footprint at Nicanda Hill to 6.2 kilometres long and 1.1 kilometres wide, or 5.2 square kilometres, substantially exceeding its original exploration targets.
Continuous graphite and vanadium mineralisation is confirmed over 4.8 kilometres of strike length between drill sections N14 and S10.
Substantial visible flake graphite has also been identified in all drill holes along entire strike length.
Brad Boyle, managing director, commented: “These observations continue to reaffirm Triton’s belief in the Nicanda Hill prospect becoming a world class graphite and vanadium project.
"The fundamentals of this quality project continue to improve with the completion of each and every drill hole."
Additional deep diamond holes will test the full stratigraphic thickness of northern mineralisation zone planned while heavy earth moving equipment is now onsite to access to Nicanda Hill and Charmers Prospect.
Triton has completed about 60% of the current drilling program at Nicanda Hill with 43 reverse circulation and 18 diamond drill holes completed.
This was designed to test the full width and potential continuity of the interpreted graphitic zone as suggested by the conductive zones identified in VTEM data.
Significantly, drilling results to date, combined with geological mapping and geophysical interpretation, has expanded the Nicanda Hill mineralised target area to 6.2 kilometres long and 1.1 kilometres. This expands to a width of up to 1.5 kilometres in the northern section.
Adding to the interest, this footprint does not include the substantial VTEM anomalies that define Charmers, Nacugi, Black Hills and the western prospects – all of which are yet to be fully explored.
Within the Nicanda Hill footprint, continuous visible flake graphite and vanadium-hosting
Roscoelite has been demonstrated, both by assay and logging of drilling samples, over a 4.8 kilometres strike length, between drill sections N14 and S10.
Drilling has verified that graphite and vanadium mineralisation is continuous from surface to depths of over 400 vertical metres with multiple high grade graphite and vanadium zones extending along the entire strike length.
This mineralised strike length is expected to increase with further drilling to the north.
The results also continue to validate the strong correlation of the VTEM data and mineralisation zones identified in the northern region of the Nicanda Hill prospect.
It suggests that there is significant additional potential to the north and satellite prospects.
With the results, Triton has completed the first two phases of exploration at Nicanda Hill - namely the defining of the initial exploration area and establishment of a target footprint.
It will now progress into the third phase of defining the resource area by carrying out infill and step-out drilling to achieve a JORC 2012 Inferred Resource for the prospect.
Representative mineralogical and metallurgical sampling at various depths and along strike will also be carried out.
Triton is continually re-optimising its drilling program as it receives new data to maximise its effectiveness in the most cost-effective manner.
Ongoing exploration activities include:
- Planning additional deep diamond holes to test the full stratigraphic thickness of the mineralisation zone;
- Testing of the northern prospects areas of the Nicanda Hill footprint where mineralised widths of up to 1,500 metres are suggested by the VTEM imagery;
- Drilling on the elevated western slopes of Nicanda Hill that give rise to an intense VTEM response (heavy earthmoving equipment is currently on-site building access tracks and drill pads);
- A bulk sample test pit in the northern section of the Nicanda Hill prospect;
- Initial drill-testing at the Charmers prospect.
A systematic multi-element assaying program will continue assessing the potential for economic concentrations of graphite and vanadium mineralisation in the drill samples returned to date.
Further assays and metallurgical test results are scheduled to arrive in the coming weeks and will be released to market in due course.
The expansion of the mineralised zone at Triton Minerals’ Nicanda Hill Prospect of its Balama North Project in Mozambique bodes well for its potential as a world class graphite and vanadium project.
It also sets a strong base for the company to estimate a JORC 2012 Inferred Resource as well as the transition towards feasibility and development.
Share price catalysts ahead include:
- Estimating an Inferred Resources for Nicanda Hill by late 2014;
- Further exploration results from the prospect;
- Further assays and metallurgical test results in the coming weeks.
- Scoping Study for the Cobra Plains deposit and Nicanda Hill prospect.
Triton is well funded for exploration with $12.5 million in cash after successfully raising $8.5 million through a share placement in July.
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